Home Buyer Tax Credit Takes its Toll

[CA renter]

[quote=SD Realtor]Actually 1stime I see some inventory starting to accumulate. I had posted about it a few weeks ago. IMO there was a pethora of sellers who listed in the past few months with the same delusional pricing goals that we were seeing in the bubble. Pricing well above comps, and well above what an honest appraisal would come in at. Now I am seeing the beginnings of inventory accumulation because those homes did not sell.

Note I am not saying the inventory is good or great, but there are more homes on the market in the zip codes you mentioned then there were last year at this time. Now they are not necessarly priced better then last year. Also yes the good stuff is still going off the shelf quickly.

Hang in there and lets see how things look in July and August.[/quote]

We’re seeing what you’re seeing, SDR.

Of course, there are overly-optimistic sellers/wishful thinkers, but there is an undercurrent of more and better inventory coming on the market with fewer qualified buyers (and no tax credit — yay!!!). IMHO, the higher end (over $1MM) is getting saturated, and the only way for them to get out is to lower their prices. I believe this will steamroll everything below it. The only question is when.

[patientrenter]

[quote=sdrealtor]….there are plenty of buyers for quality homes[/quote]

This seems to be a permanent situation in your markets, sdr 🙂

[patientrenter]

[quote=sdrealtor]….there are plenty of buyers for quality homes[/quote]

This seems to be a permanent situation in your markets, sdr 🙂

[patientrenter]

[quote=sdrealtor]….there are plenty of buyers for quality homes[/quote]

This seems to be a permanent situation in your markets, sdr 🙂

[patientrenter]

[quote=sdrealtor]….there are plenty of buyers for quality homes[/quote]

This seems to be a permanent situation in your markets, sdr 🙂

[patientrenter]

[quote=sdrealtor]….there are plenty of buyers for quality homes[/quote]

This seems to be a permanent situation in your markets, sdr 🙂

[pka4lif]

I would be very surprised if they did not continue or even increase the housing credit.

[pka4lif]

I would be very surprised if they did not continue or even increase the housing credit.

[pka4lif]

I would be very surprised if they did not continue or even increase the housing credit.

[pka4lif]

I would be very surprised if they did not continue or even increase the housing credit.

[pka4lif]

I would be very surprised if they did not continue or even increase the housing credit.

[Waiting to feel the magic]

When I look in the areas, price ranges, home size, etc. that I’m interested in I don’t see a lot of inventory build up. Do this (which is what I did):

– Go to Redfin
– Set your search criteria. Look only at active listings.
– Sort by “Days”

What I found was a number of homes that had been on the market less than 10 days, then it pretty quickly jumped to homes that had been on the market more than 30 days. The conclusion is the good stuff is going fast, and the over priced/backs to a busy street/raw sewage in the LR stuff is sitting.

My personal buying experience matches this. The few well priced, equity sale properties that I’ve been involved with are selling over their low list (though not over their high list) with multiple, well qualified bidders.

I also see prices on SSs and REOs creeping up, some times to crazy levels. Banks are expecting top dollar for that green pool.

Who knows if this will continue, but it sure sucks right now for a buyer.

[Waiting to feel the magic]

When I look in the areas, price ranges, home size, etc. that I’m interested in I don’t see a lot of inventory build up. Do this (which is what I did):

– Go to Redfin
– Set your search criteria. Look only at active listings.
– Sort by “Days”

What I found was a number of homes that had been on the market less than 10 days, then it pretty quickly jumped to homes that had been on the market more than 30 days. The conclusion is the good stuff is going fast, and the over priced/backs to a busy street/raw sewage in the LR stuff is sitting.

My personal buying experience matches this. The few well priced, equity sale properties that I’ve been involved with are selling over their low list (though not over their high list) with multiple, well qualified bidders.

I also see prices on SSs and REOs creeping up, some times to crazy levels. Banks are expecting top dollar for that green pool.

Who knows if this will continue, but it sure sucks right now for a buyer.

[Waiting to feel the magic]

When I look in the areas, price ranges, home size, etc. that I’m interested in I don’t see a lot of inventory build up. Do this (which is what I did):

– Go to Redfin
– Set your search criteria. Look only at active listings.
– Sort by “Days”

What I found was a number of homes that had been on the market less than 10 days, then it pretty quickly jumped to homes that had been on the market more than 30 days. The conclusion is the good stuff is going fast, and the over priced/backs to a busy street/raw sewage in the LR stuff is sitting.

My personal buying experience matches this. The few well priced, equity sale properties that I’ve been involved with are selling over their low list (though not over their high list) with multiple, well qualified bidders.

I also see prices on SSs and REOs creeping up, some times to crazy levels. Banks are expecting top dollar for that green pool.

Who knows if this will continue, but it sure sucks right now for a buyer.

[Waiting to feel the magic]

When I look in the areas, price ranges, home size, etc. that I’m interested in I don’t see a lot of inventory build up. Do this (which is what I did):

– Go to Redfin
– Set your search criteria. Look only at active listings.
– Sort by “Days”

What I found was a number of homes that had been on the market less than 10 days, then it pretty quickly jumped to homes that had been on the market more than 30 days. The conclusion is the good stuff is going fast, and the over priced/backs to a busy street/raw sewage in the LR stuff is sitting.

My personal buying experience matches this. The few well priced, equity sale properties that I’ve been involved with are selling over their low list (though not over their high list) with multiple, well qualified bidders.

I also see prices on SSs and REOs creeping up, some times to crazy levels. Banks are expecting top dollar for that green pool.

Who knows if this will continue, but it sure sucks right now for a buyer.

[Author]

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